By Chris Wack
Gevo shares rose 13% to $2.60 after the company said Delta Air Lines will purchase 10 million gallons a year of advanced renewable biofuels from Gevo.
Delta's agreement with Gevo complements the airline's recent $2 million investment in Northwest Advanced Bio-fuels LLC for the feasibility study of a facility to produce sustainable aviation fuel and other biofuel products in Washington State.
The airline has said it plans on maintaining its commitment to carbon neutral growth and will try to reduce emissions 50% by 2050.
Gevo said its process separates the sugar from the proteins in the corn product. The sugars are then used to make the jet fuel, while the proteins are fed to livestock.
Gevo said the sustainable aviation fuel is expected to be produced upon completion of an expansion to its existing advanced biofuel production facility in Luverne, Minn., and is expected to be available for use by Delta in 2022-2023.
Write to Chris Wack at email@example.com